Once a Company Has Defined Its Mission and Objectives

question 58

Multiple Choice

Once a company has defined its mission and objectives:

• A)goals can be established
• B)an information architecture can be developed
• C)project analysis can begin
• D)a competitive strategy can be formulated

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Definitions:

JIT

Just-In-Time, an inventory management strategy that aims to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Competitive Advantage

The attribute or set of attributes that allows an organization to outperform its competitors by offering greater value to customers, either through lower prices or by providing more benefits and services.

Inventory

the stock of any item or resource used in an organization, encompassing raw materials, finished goods, and work in progress.

JIT Concept

Just-In-Time (JIT) is a management strategy aimed at aligning raw-material orders from suppliers directly with production schedules to reduce inventory costs.